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Short Take: General Magic skyrockets on new product news

Shares in General Magic soared by as much as 65 percent amid optimism that the software maker's new Portico voice and data service, formerly code-named Serengeti, would give the struggling company a boost. General Magic stock rose 3.59 to 12.94, ending the day up 38 percent. It was the day's most actively traded stock on the Nasdaq and the third most active issue in U.S. trading, according to Bloomberg.

Shares in General Magic soared by as much as 65 percent amid optimism that the software maker's new Portico voice and data service, formerly code-named Serengeti, would give the struggling company a boost. General Magic stock rose 3.59 to 12.94, ending the day up 38 percent. It was the day's most actively traded stock on the Nasdaq and the third most active issue in U.S. trading, according to Bloomberg.